Hiring In April At Slowest Pace In Nearly Two Years
The pace of hiring by U.S. employers slowed to near a two-year low in April, pushing up job openings in a potential sign that firms are having a hard time finding workers.The Labor Department said on Wednesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS, that the rate of hiring fell to 3.5 percent from 3.7 percent in March. That was the slowest rate since August 2014.Job openings, a measure of labor demand, increased 118,000 to a seasonally adjusted 5.79 million, the highest number since last July. The job openings rate rose to 3.9 percent.
U.S. Jobless Claims Rise; Labor Market Still Strong
The number of Americans filing for unemployment benefits rose more than expected last week, but the underlying trend continued to point to sustained labor market strength. Initial claims for state unemployment benefits increased 14,000 to a seasonally adjusted 266,000 for the week ended July 23, the Labor Department said on Thursday. Claims for the prior week were revised to show 1,000 fewer applications received than previously reported.Economists polled by Reuters had forecast initial claims rising to 260,000 in the latest week. Claims have now been below 300,000, a threshold associated with a healthy labor market, for 73 consecutive weeks, the longest stretch since 1973.Prices of U.S. Treasuries were unchanged after the data. U.S. stock futures were trading lower and the dollar was weaker against a basket of currencies.
The claims data tend to be volatile around this time of the year when automobile manufacturers normally idle assembly lines for retooling. Some, however, often keep production running, which can throw off the model the government uses to strip outseasonal fluctuations from the data. A Labor Department analyst said there were no special factors influencing last week’s claims data and only claims for Hawaii and Puerto Rico had been estimated.The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 1,000 to 256,500 last week, the lowest level since April.
The Federal Reserve said on Wednesday the labor market had “strengthened” and that nonfarm payrolls and other job market measures pointed to some “increase in labor utilization in recent months.” The U.S. central bank left interest rates unchanged amid concerns over persistently low inflation.The economy added 287,000 jobs in June, the largest increase this year. Labor market strength is fueling consumer spending, which in turn is spurring faster economic growth.According to a Reuters survey of economists, the government is expected to report on Friday that gross domestic product increased at a 2.6 percent annual rate in the second quarter after rising at a 1.1 percent pace in the January-March period.Thursday’s claims report showed the number of people still receiving benefits after an initial week of aid increased 7,000 to 2.14 million in the week ended July 16. The four-week average of the so-called continuing claims fell 7,000 to 2.14 million, the lowest level since November 2000.
The continuing claims report covered the survey week for July’s unemployment rate. The four-week average of continuing claims fell 9,750 between the June and July survey periods.That, together with a survey on Tuesday showing an improvement in households’ perceptions of labor market conditions, suggests the unemployment rate could decline this month after rising two-tenths of a percentage point to 4.9 percent in June.
Ex-Toronto Mayor Loses Cancer Battle at 46
His chief of staff, Dan Jacobs, told CP24 the move was to make Ford more comfortable and was not end-of-life care. Jacobs did not respond to Reuters\\\' requests for comment.Ford, a Toronto city councillor, had been receiving treatment for an aggressive form of cancer that reoccurred despite surgery and several rounds of chemotherapy.
During his tumultuous 2010-2014 tenure as mayor of Canada\\\'s most populous city, Ford admitted to smoking crack cocaine, buying illegal drugs and driving after drinking alcohol.
Feds Evans Says Market More Pessimistic On US Rate Hikes
Financial markets are more pessimistic than the U.S. central bank in their pricing of U.S. interest rate hikes, Chicago Fed President Charles Evans said on Tuesday.“Market expectations are pricing in a 20 percent likelihood of things deteriorating from here,” said Evans during an investor conference in the Asian financial hub, citing recent surveys. “I don’t have that outlook. In general, financial market expectations are more pessimistic than ours.”
Evans, a top Federal Reserve policymaker, also repeated his call for just two U.S. interest-rate hikes this year, saying that the risks to his forecast for economic growth are weighted to the downside.However, financial markets as evident from federal fund futures contracts, are pricing roughly one more rate hike for the remainder of the year.
“A very shallow funds rate path, such as the one envisioned by the median FOMC participant, is appropriate,” Evans said in a copy of the speech delivered to the Credit Suisse Asian Investment Conference.The FOMC, or Federal Open Market Committee, is the Fed’s policy-setting body; in March the FOMC’s median forecast called for two rate hikes this year.
Evans also said the Fed has to be proactive and aggressive to reach its inflation target.“We expect inflation to stabilize by end of the year and edge higher next year, so we are looking at two rate hikes by end of the year. As far as timing, there may be one in the middle of the year and one towards the end but we cannot be sure.”
U.S. inflation measures have shown some recent strength, with the Fed’s preferred annual measure flat at 1.7 percent in February, though still below its target of 2 percent.After having raised rates for the first time in a decade in December, the U.S. central bank stood pat in January and again in mid-March, when it cited weakness overseas and an early-year market sell-off that has since reversed.
Evans repeated that risks to the economy are tilted to the downside. He also said China’s economic slowdown would likely prove a stiff test to Beijing’s leaders.“The China economic outlook is a challenging one. It’s very difficult for any economy over a long period of history to see that kind of transition without it being bumpy.”Evans does not have a vote on policy this year, but does take part in the Fed’s regular policy-setting meetings.
Korea Sentences US Student to 15 Years Hard Labor
North Korea\\\'s supreme court sentenced American student Otto Warmbier, who was arrested while visiting the country, to 15 years of hard labor on Wednesday for crimes against the state.Warmbier, a 21-year-old University of Virginia student, was detained in January for trying to steal an item bearing a propaganda slogan from his hotel in Pyongyang, North Korean media said previously.\\\"The accused confessed to the serious offense against the DPRK he had committed, pursuant to the U.S. government\\\'s hostile policy toward it, in a bid to impair the unity of its people after entering it as a tourist,\\\" the state-controlled KCNA news agency reported, using the acronym for the Democratic People\\\'s Republic of Korea.
Human Rights Watch condemned the sentence handed down to the student from Wyoming, Ohio. Japan\\\'s Kyodo news agency published a picture of Warmbier being led from the courtroom by two uniformed guards, with his head bowed, but visibly distressed.\\\"North Korea\\\'s sentencing of Otto Warmbier to 15 years hard labor for a college-style prank is outrageous and shocking, and should not be permitted to stand,\\\" Phil Robertson, deputy director of HRW\\\'s Asia division, said in an emailed statement.
Warmbier\\\'s defense attorney said the gravity of his crime was such that he would not be able to pay even with his death but proposed to the court a sentence that is reduced from the prosecution\\\'s request of a life sentence, KCNA said.
Last month, Warmbier told a media conference in Pyongyang that his crime was \\\"very severe and pre-planned.\\\"He was at the end of a five-day New Year\\\'s group tour of North Korea when he was delayed at airport immigration before being taken away by officials, according to the tour operator that had arranged the trip.Warmbier\\\'s sentencing comes as North Korea is increasingly isolated, with the U.N. Security Council imposing tough new resolutions earlier this month following the North\\\'s January nuclear test and last month\\\'s long-range rocket launch.
North Korean leader Kim Jong Un this week said the North would soon test a nuclear warhead and ballistic missiles capable of carrying nuclear warheads, in what would be a direct violation of U.N. resolutions backed by its chief ally, China.North Korea has a long history of detaining foreigners and has used jailed Americans in the past to extract high-profile visits from the United States, with which it has no formal diplomatic relations.North Korea is also holding a Korean-Canadian Christian pastor it sentenced to hard labour for life in December for subversion. The North is also holding a Korean American and three South Korean nationals.
വായനക്കാരുടെ അഭിപ്രായങ്ങള് താഴെ എഴുതാവുന്നതാണ്.
ദയവായി അവഹേളനപരവും വ്യക്തിപരമായ അധിക്ഷേപങ്ങളും അശ്ളീല പദപ്രയോഗങ്ങളും ഒഴിവാക്കുക.
വായനക്കാരുടെ അഭിപ്രായ പ്രകടനങ്ങള്ക്കോ അധിക്ഷേപങ്ങള്ക്കോ അശ്ളീല പദപ്രയോഗങ്ങള്ക്കോ 24ന്യൂസ്ലൈവ്.കോം , അമ്മത്തൊട്ടിൽ.കോം ഉത്തരവാദിയായിരിക്കില്ല.